Transactions - AUGUST 2, 2017

TF Cornerstone to develop $925m mixed-use project

by Andrea Waitrovich

TF Cornerstone is set to develop a 1.5 million-square-foot mixed-use development in Long Island City’s Anable Basin inlet, located in Queens, New York.

The $925 million, 4.5-acre project will include residential, commercial, industrial and academic spaces in Queens, New York. It will consist of a 1.5-million-square-foot, two-building complex with 1,000 rental apartments as well as 100,00 square feet of light manufacturing space. There will also be 400,000 square feet of offices, 19,000 square feet of stores, an elementary school, and a one-acre waterfront park along the Anable Basin on the East River.

The project could open as soon as 2022, but it will require a zoning-change approval to move forward, according to The Real Deal.

The New York City Economic Development Corporation selected TF Cornerstone to develop this project alongside partners Greenpoint Manufacturing and Design Center, Coalition for Queens and BJH Advisors. TF Cornerstone will also partner with industrial nonprofit developer GMDC, which will provide affordable and accessible industrial space, and developer BJH, which will provide additional support to the industrial- and scientific/technology-based commercial sectors.

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